Rosalind explains, "Prepaid plans are either pay-as-you-go or have a monthly allocation of minutes. Some even have unlimited plans. You may pay more upfront for the phones. But you can save in the long run."

The phones offered with prepaid plans used to be just the basics. But some prepaid carriers now offer smart phones. The Galaxy S III is even available from Metro PCS and the iPhone 5 from Cricket Wireless - another prepaid company.

But if you don't need the absolutely latest smart phone, Consumer Reports recommends Straight Talk's prepaid plans, available through Walmart.

Rosalind says, "It's interesting that people in our survey were actually happier with Straight Talk than with contract service from any of the major carriers."

Straight Talk has several plans, including $45 a month for unlimited talk, text, and data. That's half the price of Verizon's cheapest unlimited plan.

Consumer Reports has another money-saving tip - when you're coming off a contract, if you have a phone you like, ask if you can transfer the phone to a prepaid plan with your current carrier or a new carrier. You often can get the same service you've been getting but pay a lot less.

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